sebi:QJA/VS/IVD/ID4/26886/2023-24
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Facts / Headnote
Found that the Noticees acted in concert to create artificial volume and false liquidity through synchronized, structured and reversal trades and sham off-market transfers; proceeded ex parte against non-appearing Noticees.
Provisions invoked
- s. 11B
- s. 11
- s. 19
- s. 11C
- s. 11C(1)
Regulations
- Reg. 4
- Reg. 11
- Reg. 13
- Reg. 2(1)(c)
- Reg. 4(b)
- Reg. 47
- Reg. 4(e)
Holding
The Noticees acted in concert to create artificial volume in the scrip of Sai Television Ltd. through synchronized/structured deals, reversal trades and sham off-market transfers, in violation of PFUTP Regulations, 1995 read with PFUTP Regulations, 2003.
Full text
Order in the matter of Sai Television Ltd. Page 2 of 60 Table 2 Sr. No. Index Page No. 1. Background of the case 2-4 2. Details of relationship among the Noticees as found during the investigation period 4-5
Order in the matter of Sai Television Ltd. Page 3 of 60 1.3. Pursuant to the investigation, a common show cause notice dated October 30, 2015 (“SCN”) was issued to Ms. Ritu Devi (Noticee 1), M/s CRS Stocks and Securities, (Proprietor Ms. Ritu Devi) (“Noticee 2”), Mr.Raj Kumar (“Noticee 3”) , Mr. Tirupathi Kumar (“Noticee 4”), Mr. Ravi Prakash (“Noticee 5”), Ms. Champa Devi (“Noticee 6”), Ms. Shivani Devi (“Noticee 7”), Mr. P. V.Nageshwar Rao (“Noticee 8”), Mr. Sajjan Kumar Nanwal (“Noticee 9”), Mr. R. V.Gurupadam (“Noticee 10”), M/s Siddhi Investments (“Noticee 11”), M/s Kanji Shares Consultancy Services (“Noticee 12”), Mr. Rameshbhai Patel (“Noticee 13”), Mr. Sudhirbhai Shah (“Noticee 14”), Kuber Finstock Ltd. (“Noticee 15”) and Airtel Maintenance and Marketing Consultant Private Limited. (“Noticee 16”) alleging violation of provisions of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995 (hereinafter referred to as “PFUTP Regulations, 1995”) read with Regulation 13 of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market), Regulations, 2003 (hereinafter referred to as “PFUTP Regulations, 2003”).
Order in the matter of Sai Television Ltd. Page 4 of 60 Madras Stock Exchange Limited (“hereinafter referred to as “MSE”). There was no trading in the scrip of STL on CSE and MSE during the investigation period. The trading took place only on NSE during the investigation period.
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Source: SecMarx — sebi:QJA/VS/IVD/ID4/26886/2023-24. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.